Insurance

What the Strata Corporation Insures

• Personal Property of the Corporation (excluding Unit Owner property)
• The Units as defined in by-laws and insurance standards (excluding owner improvements)
• Liability coverage for bodily injury and property damage from corporation activities, extended to individual unit owners regarding common elements
• Boiler and Machinery coverage for corporation-owned objects
• Additional coverages and policy extensions

Unit Owner Insurance Responsibilities

Owners should obtain insurance for:

• Strata deductible insurance — $200,000
• Personal Property — furniture, clothing
• Unit improvements and betterments — any upgrades beyond original configuration
• Personal effects in lockers
• Additional Living Expenses — coverage for uninhabitable units
• Personal Liability — from personal activities

Important Points

• Owners may face deductible charges if damage originates in their unit
• Owners pay deductibles for suite damage
• Valid insurance loss assessments may result in special assessment responsibility
• Rental situations require tenant insurance verification
• Co-operators offer large strata deductible insurance at reasonable rates. Do not buy insurance from Chuter, as they are outrageously expensive

Review the Insurance Certificate in AGM minutes for deductible details, particularly regarding water damage amounts.